Fill the education insurance policy quote form below to receive a personalised education savings plan that aligns with your financial goals for both CBE and IGCSE/International curriculum systems.
Education Savings Plan Quote Request
Please submit your child’s exact educational details below. A customized education savings plan proposal will be structured and sent directly to your WhatsApp.
Why Does an Education Insurance Policy Beat a Regular Bank Savings Account?
It is very hard for many savings accounts, including the normal bank savings accounts, to beat education insurance policies.
Education insurance policies come loaded with a lot of benefits besides savings returns.
- Guaranteed Maturity Payouts/Bonuses: Most education insurance policies pay bonuses at regular intervals within the policy term. The bonus schedule is usually defined in your policy document. These maturity payout or bonuses are guaranteed as long as you paid the regular contributions. The work of an education insurance policy is to guarantee the future education of your children.
- Life Protection and Premium Waiver: Education insurance policies feature life protection against death and disability due to critical illness or accident. When any of these unfortunate events occurs to the policyholder, full sum assured is paid to the nominated beneficiary when due and future premium are waived. This ensures that your children get education regardless whether you are there or not.
- 15% Tax Relief: If you save for your children’s education for a period of 10 years or more, you will enjoy a 15% tax relief on your regular premium contributions. The tax relief is capped at KES 5,000 per month or KES 60,000 per year.
- Structured Partial Maturities: The periodic, staggered bonuses that you get from your policy is aligned with school milestones, for instance when joining junior secondary, senior secondary or university admission. I shall help you design it that way.
- Compound Bonuses and Growth: The premium contributions you make are invested to give you some returns and beat inflation besides some part of it going to life protection.
How Much Does an Education Insurance Policy Cost in Kenya?
An education insurance policy cost depends on the education fund you want to raise, parent age, policy term, and chosen riders.
For instance, if you are raising an education fund for an international school in Kenya, your education policy will be more costly than someone raising a fund for CBE public school.
Here is an illustrative premium table: We shall assume a 30 year old parent raising different education funds. (The figures may vary depending on the education policy you have adopted. Different education policies have different payouts)
| Target Education Fund | Policy Term | Estimated Monthly Premium | Key Inclusions |
| KES 2,000,000 | 6 | KES 39,000 | -Life Protection-Premium Waiver |
| KES 10,000,000 | 10 | KES 79,500 | -Life Protection-Premium Waiver-Tax Relief of KES 5,000 |
| KES 50,000,000 | 15 | KES 210,000 | -Life Protection-Premium Waiver-Tax Relief of KES 5,000 |
If you want a tailor-made quote matching your exact monthly budget, request your personalized quote here.
Top Education Insurance Plans in Kenya
I have written a separate article on the best education insurance policies in Kenya.
Some of the best education insurance policies in Kenya include Boresha Elimu and Msingi Poa by Britam, Academia by CIC, Career Life Plus by Jubilee, and Elimika by Old Mutual.
Boresha Elimu is suitable for those looking to save for CBE Junior and Senior secondary and University levels or IGCSE lower secondary and university levels.
Msingi Poa is suitable for those saving for IGCSE O-level and A-level combined and university level that takes 4 years to complete.
I have to separate articles on how to save for iGCSE and CBE. You can read those articles and get some clarity on how to raise funds for these two curriculum systems.
Simple Steps to Get Covered
- Step 1: Submit Your Details and Requirements.
Fill out the quick quote form above with your budget, child’s current grade, target curriculum, and the education level you want to raise school fees for.
- Step 2: Receive and Review Options.
After filling the details, I will generate a quotation for you detailing the possible premium and the sum assured.
You shall get my qualified advisory on how to plan an adequate education fund that withstands future inflation and structural changes that affect education costs.
- Step 3: Adjust and Personalize.
During this stage we shall tailor life protection riders, such as death and disability protection, and payment schedules (monthly, quarterly, semi-annually, or annually).
- Step 4: KYCs and Policy Activation
Upon designing an education plan that aligns with your financial goals, you shall submit standard documents (National ID, KRA PIN) and beneficiary details to secure your policy.
The process of opening an account for you is straightforward.
Once the account is created, You will be requested to pay your first premium via M-pesa prompt, Paybill, or a bank account and upon payment, your account becomes active.
Frequently Asked Questions on Education Insurance Policies in Kenya
- What is the minimum monthly payment for education insurance in Kenya?
The minimum monthly premium ranges between KES 2,000 to KES 3,000 for most policies. However, the amount you pay depends on the size of the education fund you want to build.
- How does the 15% KRA tax relief work on education policies?
The 15% tax relief is derived for the premiums you pay regularly. Tax relief is capped at KES 5,000 per month (KES 60,000 per year)
- What documents are required to get an education policy quote?
When seeking an education insurance policy quote, no documents are required. You just need to fill in the information required in the quote form above.
Documents are only required when enrolling for an education insurance policy.
- Can I withdraw money before the policy matures?
You cannot withdraw money from most education policies. You can only take a policy loan as stipulated by your policy, usually after your policy has been in force for 2-3 years.
- What happens if I lose my job during the policy period?
The auctions you can take after you have lost your job or income depends on the number of years your policy has been in force.
If your policy is below, usually 2-3 years, you can write to your insurer and request some time off and once back, the policy is re-dated.
If loss of job is temporary, usually below 6 months, you don’t do anything. You just pay the arrears once back to work and your policy will become active again after lapsing due to the arrears.
If your policy is above 2-3 years, you can opt out through cash surrender value or let the money you have already contributed with the insurer sit in your account until maturity (paid-up option) where the sum assured will be recalculated.
